IDB’s Technical Support Program - COMCEC · financial & technical assistance for Banking,...
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IDB’s Technical Support Program 4th Meeting of the COMCEC Financial Cooperation Working Group (March 19th, 2015, Ankara) Islamic Financial Services Department Islamic Development Bank
Transcript of IDB’s Technical Support Program - COMCEC · financial & technical assistance for Banking,...
IDB’s Technical Support Program
4th Meeting of the COMCEC Financial Cooperation Working Group (March 19th, 2015, Ankara)
Islamic Financial Services Department
Islamic Development Bank
Vision, Mission & Strategy
Facilitate expansion of the Islamic Financial Sector globally
Vision
Implement IDB Group’s strategic objective of developing and
expanding the Islamic financial sector and to act as the Group’s focal
point in this regard
Mission
Strengthen and develop Islamic Financial Sector by providing
financial & technical assistance for Banking, Microfinance, Takaful,
Micro-takaful, Awqaf, Zakat and other subsectors
Strategy
Established in 2007, the Islamic Financial Services Department (IFSD)
was created to be IDB Group’s focal point for the Islamic financial
sector, and drive its Strategic Thrust to ‘Expand the Islamic Finance
Industry’
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Global Islamic Finance Development
The Islamic finance ecosystems across OIC countries and countries with
significant Muslim populations are significantly underdeveloped, with only 12
countries having developed systems. Only 28 countries have some of Islamic
finance regulations, with only 4 having comprehensive regulations (Source: IFDI)
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Highly developed top 4 countries Malaysia, Bahrain, Oman and UAE
8 others aiming for the next level of Development
A majority of countries have undeveloped Islamic finance ecosystems
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Dev
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pin
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e En
ablin
g En
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nm
ent
Sound & Resilient
IFSI
Legal Framework
Regulatory Framework
Supervisory Framework
Institutional Framework
Shariah Framework
IFSB
Sta
nd
ard
s
AA
OIFI Stan
dard
s
Basic building blocks of the Enabling Environment
1. Assess needs & review
existing frameworks
2. Develop appropriate
frameworks for adoption
3. Establish or
strengthen new or
existing institutions
4. Develop capacity &
build human resources
5. Review and Feedback
Maximization of IDB’s Intervention Impact
Ensuring developmental continuity through a series of Interlinked
activities designed to bring a country in line with the current best
practices Co
un
try
Ne
ed
s Islam
ic Deve
lop
me
nt B
ank
Technical Support Program
Provide TAs to create the enabling environment for Islamic financial sector. The IFSD has
approved 33 Technical Assistance (TA) projects for US$ 5.6 million
• Legal Framework
• Regulatory & supervisory frameworks
• Capacity development & training
• Supporting Islamic Infrastructure Institutions
for building Islamic finance architecture Technical Support
Program
TA to Member Countries TA to Islamic Infrastructure Institutions
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Technical Assistance
Strategic Partnerships
With the objective of leveraging on the strengths of other multilateral, bilateral and
other donor institutions, strategic partnerships have been developed with
numerous international partners
International Partners
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Technical Assistance for Islamic Financial Sector
• Development of Legal, Regulatory, Supervisory, Institutional and Shariah Frameworks.
• Study Visits
• Provision of Experts
• International courses on Islamic finance, Central Banking, etc.
• Awareness creation events: Workshops, Conferences, Seminars
• Establishment of requisite institutions
Technical Assistance
Components
How to Access IDB’s TA (Grant) Facilities
Official request from
IDB Governor
In principle acceptance
by Management
Desk Review
followed by Scoping
Mission to assess the
exact components
Preparation of timeline and various
other governance
issues
Formal approval by
IDB Management
/Board of Executive Directors
Implement TA Project – Preferably within 1
Year
TA Project Completion
Report
Contact
Wasim A. Abdulwahab
Financial Sector Development and Inclusion Division
Islamic Financial Services Department
Email: [email protected]
